The average sales price of single-family homes in Cumberland County reached $530,000 in August, showcasing a 6% increase from August of the previous year. However, compared to the previous month, the average sales price experienced a slight 3.6% decline.
In August, the number of sold listings in Cumberland County totaled 321. This reflects a 14.2% decrease compared to the same month last year, and a 16.3% increase from the previous month.
The median number of days that homes spent on the market in Cumberland County during August was 6 days, still a fairly swift pace in the market and same amount of Days on the Market from previous month but a 14.3% decrease from the same period last year.
The list-to-sale price ratio, a measure of negotiation dynamics in the market, stood at 104.5% in August. This figure reflects a 0.8% increase compared to the same period last year and demonstrates a 0.5% decrease from the previous month.
The month's supply of inventory in Cumberland County in August stood at 1.2, reflecting an 11.6% increase compared to the same period last year and a 10.6% increase from the previous month.
For the month of August, Cumberland County's real estate market shows annual price growth but experiences monthly fluctuations, with fewer listings, shorter market times, and changing negotiation trends. Increasing inventory offers more options, highlighting the importance of informed decisions for both buyers and sellers.